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The recent mortgage rule changes will materially impact the economy, according to one leading economist

A lack of supply in the first quarter of the year has led to sharp growth in Hamilton’s aggregate home costs, according to a recent study.

In the latest edition of its House Survey, Royal LePage noted that intensified sales volume has spurred the average price of residential real estate in the Ontario city to reach $400,593, up from $334,000 in Q1 2015.

While median prices for condos in the city went down by 2.4 per cent to $243,399, the bungalow segment grew by 8.2 per cent to $351,520, and two-storeys increased to $431,266.

“Increasing home prices in Hamilton are primarily the result of a persistent lack of inventory. We are also seeing increased interest from first-time millennial buyers, which is leading to overall demand and competition for listings in this region,” Royal LePage State Realty president and broker Joe Ferrante stated, as quoted by CBC Hamilton.

Ferrante added that much of this activity can be attributed to better per capita purchasing power.

“The city continues its economic resurgence, supported by both a recovering manufacturing sector and education and medical hubs which are supporting the strength of the residential housing market,” he explained.

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